CIVITAS RESOURCES, INC. 401(K) PLAN Contribution & Employer Match

CIVITAS RESOURCES, INC. 401(K) PLAN Contribution & Employer Match

CIVITAS RESOURCES, INC. provides the following retirement savings benefits to its employees:

CIVITAS RESOURCES, INC. 401(K) PLAN Average Participant Retirement Account Value

In 2023, the average participant retirement account value for CIVITAS RESOURCES, INC. 401(K) PLAN is $87,798.00

CIVITAS RESOURCES, INC. 401(K) PLAN Estimated Average Employee Contribution Amount

In 2023, the estimated average employee contribution amount per participant for CIVITAS RESOURCES, INC. 401(K) PLAN is $12,968.00. If you contribute an amount exceeding this, you have saved more than your colleagues. Congratulations! Keep up the good work. Otherwise, you might want to consider contributing more to ensure a better retirement future.
829,954.00: this is the amount you will have accumulated 20 years later if you annually contribute the average contribution amount 12,968.00 in CIVITAS RESOURCES, INC. 401(K) PLAN, assuming a 10%* annual return.

2023 & 2024 401(k) contribution limits by IRS

 Pretax and roth employee contributionsEmployee and employer contributions combinedCatch-up contributions (in addition to the employee and employer combined limit, age 50 and over)
401(k) contribution limit for 2023$22,500$66,000$7,500
401(k) contribution limit for 2024$23,000$69,000$7,500

$1,440,056: this is the amount you will have saved 20 years later if you contribute the maximum of $22,500 annually for 20 years, assuming a 10%* annual return.

$4,224,165: for those who can maximize employee and employer annual $66,000 contributions for 20 years, assuming a 10%* annual return, you will be 3 times richer!

Use the 401(k) Savings Calculator to determine how much your contributions will accumulate over time.

Employer match in CIVITAS RESOURCES, INC. 401(K) PLAN

An employer match is deemed as ‘free’ money wherein your employer contributes additional funds to your allocated retirement savings plan. The matching amount can frequently be several percentage points of your compensation. Don’t avoid this free salary ‘raise’.

CIVITAS RESOURCES, INC. 401(K) PLAN Total Employer Contribution and Match Rate

In 2023, CIVITAS RESOURCES, INC. 401(K) PLAN allocates $3,217,450.00 to match its employees' contributions, providing an employer match rate of 71.09% of their contributions

CIVITAS RESOURCES, INC. 401(K) PLAN Estimated Average Employer Match

In 2023, the estimated average employer match for an employee in CIVITAS RESOURCES, INC. 401(K) PLAN is approximately $6,434.00
Investing in this additonal $6,434.00 for 20 years would give you extra $411,833.00, assuming a 10% annual return.

CIVITAS RESOURCES, INC. 401(K) PLAN Contribution & Match Policy

1. Employee Contribution Rates: Employees can contribute between 1% and 100% of pretax annual compensation.

2. Employer Match/Contribution Conditions: The employer matches 100% of employee contributions, up to 6% of eligible compensation deferred to the plan.

3. Vesting Schedule/Eligibility: Participants are 100% vested in their own contributions immediately. For the employer's contributions, participants are 100% vested after one year of credited service, with eligibility upon reaching age 18 and one month of service.

4. Roth 401(k) Contribution: Participants may elect to make Roth contributions utilizing after-tax contributions.

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